Shankesh Jewellers IPO
Shankesh Jewellers Limitedshankeshjewellers.com
- Price band
- ₹88 – ₹93
- Issue size
- ₹367 Cr
- Lot size
- 160 sh
- Bidding
- 18 – 20 Aug
- Grey market
- —
Face value ₹5.00
75% fresh capital
Lists 25 Aug 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Shankesh Jewellers wholesales hand-crafted 22-karat and 18-karat gold jewellery to retail jewellery chains from an office in Zaveri Bazar, Mumbai; the record states the company owns no factory and that the handwork is done by karigars engaged through 72 jobworkers. Revenue was Rs 1,061.78 Cr in FY24, Rs 1,403.83 Cr in FY25 (32.21% higher) and Rs 1,630.79 Cr in FY26 (a further 16.17%), with profit after tax of Rs 12.82 Cr, Rs 40.31 Cr and Rs 106.68 Cr over the same three years. The Rs 367.18 Cr issue — Rs 274.18 Cr fresh and Rs 93.00 Cr offer for sale — was priced at Rs 88 to Rs 93 and closed on 20 August 2026. The shares listed on 25 August 2026 at Rs 103.30 and last traded at Rs 95.24 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
A trade-off in both directions
63% of the scoring model was backed by disclosed data for Shankesh Jewellers, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2005 · Zaveri Bazar, Mumbai, Maharashtra, India · 46 employees
Shankesh Jewellers makes hand-crafted gold jewellery in 22-karat and 18-karat and sells it wholesale to retail jewellery chains rather than to consumers. Its range covers bangles, bridal jewellery, chokers, jhumkas, necklace sets, mangalsutras and rings, in antique, semi-antique, Calcutta, temple and Gheru-polish styles, all BIS-hallmarked. Buyers are jewellery retailers across India — the prospectus names Joyalukkas, Kalyan Jewellers, P. N. Gadgil & Sons, Manoj Vaibhav Gems 'N' Jewellers and Novel Jewels (Aditya Birla Group) among them, with the top ten contributing 39.56% of revenue from operations in Fiscal 2026. It also does job work, crafting pieces from bullion the client supplies. The company owns no factory; it runs from an office in Zaveri Bazar, Mumbai, with 46 permanent employees as of May 31, 2026.
Revenue is almost entirely gold sold by weight: of ₹16,307.87 million in Fiscal 2026, 22-karat pieces were ₹13,959.96 million, 18-karat ₹2,209.84 million, and job-work charges only ₹138.07 million. Production is outsourced — 72 jobworkers engage the karigars who do the handwork, so the company carries design, sourcing and inventory but no manufacturing plant. That makes the metal itself the business: cost of material consumed was 93.74% of total income in Fiscal 2026, leaving an EBITDA margin of 9.68%, up from 4.65% in Fiscal 2025 and 2.69% in Fiscal 2024. Gold inventory is debt-funded — borrowings stood at ₹1,672.96 million at March 31, 2026, and ₹1,580.00 million of the fresh issue was earmarked to repay them.
The company on paper
- Legal name
- Shankesh Jewellers Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 11 Jul 2005
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U36910MH2005PLC154679
- Sector
- Consumer Discretionary · Wholesale hand-crafted gold jewellery manufactured through outsourced karigars for retail jewellery chains
- Employees
- 46
- Registered office
- Zaveri Bazar, Mumbai, Maharashtra, India
- Promoters
- Kantilal Kheemraj Jain, Mahavir Kantilal Jain, Manoj Kantilal Jain
- Promoter holding, pre-issue
- 95.5%
- Promoter holding, post-issue
- 69.5%
- Website
- shankeshjewellers.com
The numbers
Financial performance
Revenue has compounded at 23.9% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
75% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹274 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹93.00 Cr
- Total issue size
- ₹367 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 26.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹93.00
- Listed at
- ₹103.30
- Listing gain
- up 11.1%
- Since listing
- down 14.4%
- Against the issue price
- down 4.9%
Trading at ₹88.44 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 160
- At cut-off price
- ₹93.00
- Amount blocked
- ₹14,880
One lot is 160 shares at ₹14,880. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~41%
chance of one lot, per application
- Retail subscription
- 2.42×
- Applicants per share available
- 2.4× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹103.30
listed at, 11.1% against the issue price
- Issue price
- ₹93.00
- Premium said
- —
- If allotted 160 shares
- ₹1,648
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Profit after tax was Rs 12.82 Cr on revenue of Rs 1,061.78 Cr in FY24, a margin of 1.21%; Rs 40.31 Cr on Rs 1,403.83 Cr in FY25, 2.87%; and Rs 106.68 Cr on Rs 1,630.79 Cr in FY26, 6.54%. Each margin is higher than the one before it.
- EBITDA was Rs 28.60 Cr in FY24, Rs 65.35 Cr in FY25 and Rs 157.90 Cr in FY26. The business description puts the corresponding margins at 2.69%, 4.65% and 9.68%.
- Net worth was Rs 60.29 Cr in FY24, Rs 100.60 Cr in FY25 and Rs 209.43 Cr in FY26, against borrowings of Rs 108.58 Cr, Rs 144.84 Cr and Rs 167.30 Cr — borrowings of 1.80, 1.44 and 0.80 times net worth, lower in each successive year.
- The record reports that the prospectus names Joyalukkas, Kalyan Jewellers, P. N. Gadgil & Sons, Manoj Vaibhav Gems 'N' Jewellers and Novel Jewels (Aditya Birla Group) among the retail buyers, and puts the top ten at 39.56% of revenue from operations in Fiscal 2026.
What to weigh against it
- The business description states that cost of material consumed was 93.74% of total income in Fiscal 2026. EBITDA that year was Rs 157.90 Cr on revenue of Rs 1,630.79 Cr.
- Revenue is almost entirely metal sold by weight. Of the Rs 16,307.87 million of Fiscal 2026 revenue the business description breaks out, 22-karat pieces were Rs 13,959.96 million and 18-karat Rs 2,209.84 million — together 99.15% of it — leaving job-work charges at Rs 138.07 million, or 0.85%.
- Borrowings stood at Rs 108.58 Cr in FY24 and were higher in each later year: Rs 144.84 Cr in FY25 and Rs 167.30 Cr in FY26. The business description states that Rs 1,580.00 million of the fresh issue, which is Rs 158.00 Cr, or 57.63% of the Rs 274.18 Cr fresh component, was earmarked to repay borrowings it puts at Rs 1,672.96 million at 31 March 2026 — the same Rs 167.30 Cr the FY26 financials carry.
- The company owns no factory and had 46 permanent employees as of 31 May 2026, with production outsourced to 72 jobworkers who engage the karigars.
Easy to miss in the prospectus
- The issue was subscribed 2.80 times overall on day three, 20 August 2026 — QIB 1.32, NII 5.68, retail 2.42. It listed at Rs 103.30 against a band top of Rs 93.00, a gain of 11.08%, closed the first day at Rs 94.82, 8.21% below that listing price, and last traded at Rs 95.24 on 23 October 2026, 2.41% above the band top.
- Promoter holding is 69.53% after the issue against 95.48% before it, a fall of 25.95 percentage points.
- The record carries no valuation ratios, no peer set, no anchor allocation, and no expense, total-asset or operating-cash-flow lines in any of the three financial years; subscription is recorded for day three only.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Aryaman Financial Services Limited, Smart Horizon Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFIN Technologies Limited
How these figures were checked
Reconciled to Shankesh Jewellers's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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